(a) If, after a hearing under § 2-4A-16 of this subtitle, the Board finds that there are grounds under § 2-4A-14 of this subtitle to suspend or revoke a license or to reprimand a licensee, the Board may impose a monetary penalty not exceeding $5,000:

(1) Instead of suspending the license; or

(2) In addition to suspending or revoking the license.

(b) The Board shall adopt regulations to set standards for the imposition of monetary penalties under this section.

(c) The Board shall pay any penalty collected under this section into the General Fund of the State.